I'm going to be selling a house this year that won't be tax exempt. How can I use TurboTax to calculate the taxes I will owe next year?

dgallaty — Sat, 20 Mar 2021 04:22:27 GMT

I already know that it won't be tax exempt because I sold a house last year, and you can't use the house exemption more than once in a 2-year period per IRS rules.

Re: I'm going to be selling a house this year that won't be tax exempt. How can I use TurboTax to...

AnnetteB6 — Sat, 20 Mar 2021 14:31:19 GMT

You can go through the section for calculating estimated payments to see a projection of your 2021 taxes based on your expected income. You will need to know an estimated amount for the gain on the sale of the house and whether it will be a long-term (held over one year) or short-term gain. As you go through the pages to estimate your income, the gain for selling the house will be entered on the Investment Gains and Losses page.

Use these steps to go to the Estimated Payments section of your return to take a closer look. Answer the first question about changing your W-4 withholdings with 'no', then it will go through the estimated payments section next.

On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
This opens a box where you can type in “W-4” and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
The search results will give you an option to “Jump to early W-4”
Click on the blue “Jump to W-4” link

topic I'm going to be selling a house this year that won't be tax exempt. How can I use TurboTax to calculate the taxes I will owe next year? in Deductions & credits

I'm going to be selling a house this year that won't be tax exempt. How can I use TurboTax to calculate the taxes I will owe next year?

Re: I'm going to be selling a house this year that won't be tax exempt. How can I use TurboTax to...